What are some of the costs associated with buying a home?

  • Escrow fee. These fees are based on the price of the home and are generally divided between the buyer and seller.
  • Loan origination fee. To cover the cost of the administration costs of the lender.
  • Title Insurance. A policy the lender requires.
  • Appraisal. Lenders require an appraisal of the property value (typically $450-$575).
  • Inspection. These average around $425-$650 depending on the size of the home and the inspector. When performing a pre-inspection the inspector does not write and provide a report. Because of this, pre-inspections typically cost $250-$400.
  • Pro-rated property taxes. At closing, the buyer and the seller are responsible for taxes during the time of their ownership. After closing, the Buyer’s taxes are typically included in the loan payment.
  • Home owners' dues. This applies to condominium and co-op purchases only.
  • Wire transfer and courier fees.
  • County recording fee.